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TRON Issues Clarification as Token Burn Debate Heats Up

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TRON Coin (TRX) Blockchain Cryptocurrency Altcoin 3D Render. TRON TRX is a blockchain based decentralized protocol that aims to construct a worldwide free content entertainment system. Source: shutterstock.com

TRON has been in the news ever since its mainnet went live in June earlier this year. Whether it was the election of Super Representatives (SRs) or the acquisition of BitTorrent by founder Justin Sun, TRON has remained in the news for months. However, as the network matures, the crypto community has started asking questions about its coin burn policies. Recently, it issued a clarification for the same in a blog post.

TRON’s Token Burn History

TRON moved to its mainnet on June 25 this year, after which it burned 1 billion TRX tokens, reducing the total number of TRX tokens from 100 billion to 99 billion.

On Aug 27, the TRON Foundation announced it’s fourth coin burning event with over 670 million ERC20 TRX tokens being burned. Currently, the network has 909 nodes across the globe, and token migration is in the process. Moreover, the company is working ahead of schedule on its TVM launch.

Blog Post Shines New Light on Token Burn

TRON in its blog post suggests that it has moved to 27 Super Representatives (instead of the previous 27 Genesis Representatives), calling it the network’s “[c]onstitutional phase of decentralized autonomous democracy.”

The Foundation said that it adopts a DPOS consensus mechanism, noting that one block is generated every 3 seconds, and every block awards 32 TRX to the 27 representatives in a sequence. There are 127 SR candidates in total (27 of whom are elected), with an additional16 TRX being generated every 3 seconds, which are then distributed among these representatives on the basis of the votes they received.

TRON also suggested that the network is witnessing a growing number of accounts and transactions with an expanding DApp ecosystem, which marks the true Independence Day for the network. It further stated that block rewards and coin burns will never stay constant and will change according to the changing world.

It added:

“The TRON Network is a decentralized democratic autonomous community, which is not controlled by the TRON Foundation or any individuals/teams. TRX burn and the rewarding mechanisms will not remain constant but adjusting to the evolving network. It’s an indisputable principle for TRON that major issues including coin burns and the rewarding mechanism should be informed to, discussed in and confirmed by the community.”

TRON Issues Clarification as Token Burn Debate Heats Up was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.